Ireland News

Troubled Irish Insurers Seek Solvency II Support From Bond Investors, Buffett

Investors hunting for yield after a global financial rout might well take a detour to the headquarters of a tiny insurance company hidden away along a highway in west Dublin. Just as world markets cratered on August 24, troubled Irish …

FBD Shows How to Lose Money, Even During Ireland’s Economic Recovery

Usually, economic recovery helps companies. Not so FBD Holdings plc. FBD, Ireland’s only publicly traded insurer, will publish first-half earnings in Dublin on Aug. 24, with analysts waiting to see whether the increasing claims linked to accelerating economic activity it …

Ireland’s FBD Could Sell as Much as $83M of Debt to Meet Solvency II Rules

FBD Holdings plc may seek to sell as much as 75 million euros ($83 million) of subordinated debt to ensure it meets new solvency rules, Darren McKinley, an analyst at Merrion Capital said. Insurance company FBD may need a capital injection …

Ireland’s FBD: Solvency Rule Program on Track as CEO Quits Unexpectedly

FBD Holdings plc said its plans to meet new solvency rules next year are on track as the Irish insurer struggles to return to profit and Andrew Langford unexpectedly quit as chief executive officer last week. Dublin-based FBD said it’s “no different” …

Buffett Helps Ireland’s Vhi Insurance Avoid Bailout with $99M Subordinated Loan

Irish state-owned health insurer Vhi Insurance DAC borrowed money from Warren Buffett’s Berkshire Hathaway Inc. to help avoid a bailout as the company comes under central bank regulation for the first time. Berkshire gave Vhi a 90 million-euro [$97.6 million) …

UK Accounting Watchdog Probes Former Employees of RSA’s Irish Unit

The UK Financial Reporting Council is investigating former employees of RSA Insurance Group plc’s Irish unit regarding accounting irregularities in 2012. “The FRC has decided to investigate the conduct of certain individual members,” the accounting and auditing authority said in a …

CNA Hardy Appoints Clements as Distribution Director, Europe

CNA Hardy has appointed Andy Clements as distribution director, Europe.  He will report to Elliot Miller, head of UK regions and Luc Malâtre, VP field operations. Clements will be responsible for building effective and long lasting strategic relationships with broker …

Ireland’s FBD Holdings Reports Worse-Than-Forecast Operating Loss, Weak Outlook

FBD Holdings plc plunged in Dublin trading after the Irish insurer’s full-year results missed its own downgraded forecast and its operating profit outlook for 2015 fell short of analysts’ expectations. FBD declined 14 percent to 10.50 euros at 9:35 a.m., …

Probe of RSA’s Irish Division at ‘Advanced Stage’, Says Irish Central Bank

Ireland’s central bank said its probe into an accounting scandal at RSA Insurance Group plc’s Irish division is moving toward a conclusion and decisions on possible sanctions will be made once it’s completed. “An investigation into historical claims-reserving practices at …

Swiss Re Offers Food, Drink Protection for UK, Ireland, Italy

Swiss Re Corporate Solutions has partnered with UK-based crisis management consultancy The RQA Group to launch comprehensive Contaminated Products Insurance for the food and drink industry in the United Kingdom, Ireland and Italy. The cover offers protection in both the …